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Tag Archives: Asian Development Bank

[Each day brings news of the every-sharpening contention between imperialist powers, who have long cooperated but are now more-ready to seize advantage at the expense of each other, and place burdens of more aggressive exploitation and more oppressive conditions on working people inside the imperialist countries (from US/EU to Chinese/Russian and others scrambling to expand their profits at each others expense). One day, it is the seizure of energy resources, then it is trade routes and shipping, then monetary dominance, then credit dominance and wars, then military eyeball face-offs and surrogate/proxy hotspots, then it is digital battles and cyber wars. There is no stopping this contention, nor any way for the people to see it but to raise the people’s struggles against all imperialism and all reaction. Between these imperialists, working people have no horse in this race. — Frontlines ed.]

The Asian Infrastructure Investment Bank

STRATEGIC rivalry between America and China takes many forms. Rarely does a clear winner emerge. An exception, however, is the tussle over China’s efforts to found a new Asian Infrastructure Investment Bank (AIIB). China has won, gaining the support of American allies not just in Asia but in Europe, and leaving America looking churlish and ineffectual. This month first Britain and then France, Germany and Italy said they hoped to join the bank as founding shareholders. China said other European countries such as Luxembourg and Switzerland are thinking of joining the queue.

Yet America has been sceptical about the AIIB. Its officials claim they have not “lobbied against” it, but merely stressed how important it is that it abide by international standards of transparency, creditworthiness, environmental sustainability, and so on.